<SEC-DOCUMENT>0001104659-25-105653.txt : 20251103
<SEC-HEADER>0001104659-25-105653.hdr.sgml : 20251103
<ACCEPTANCE-DATETIME>20251103170950
ACCESSION NUMBER:		0001104659-25-105653
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251103
DATE AS OF CHANGE:		20251103

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Howmet Aerospace Inc.
		CENTRAL INDEX KEY:			0000004281
		STANDARD INDUSTRIAL CLASSIFICATION:	ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS [3350]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				250317820
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-272154
		FILM NUMBER:		251445147

	BUSINESS ADDRESS:	
		STREET 1:		201 ISABELLA STREET
		STREET 2:		SUITE 200
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15212-5872
		BUSINESS PHONE:		(412) 553-1940

	MAIL ADDRESS:	
		STREET 1:		201 ISABELLA STREET
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15212-5872

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Arconic Inc.
		DATE OF NAME CHANGE:	20161101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALCOA INC.
		DATE OF NAME CHANGE:	20141003

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALCOA INC
		DATE OF NAME CHANGE:	19990105

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Howmet Aerospace Inc.
		CENTRAL INDEX KEY:			0000004281
		STANDARD INDUSTRIAL CLASSIFICATION:	ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS [3350]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				250317820
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		201 ISABELLA STREET
		STREET 2:		SUITE 200
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15212-5872
		BUSINESS PHONE:		(412) 553-1940

	MAIL ADDRESS:	
		STREET 1:		201 ISABELLA STREET
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15212-5872

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Arconic Inc.
		DATE OF NAME CHANGE:	20161101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALCOA INC.
		DATE OF NAME CHANGE:	20141003

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALCOA INC
		DATE OF NAME CHANGE:	19990105
</SEC-HEADER>
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<SEQUENCE>1
<FILENAME>tm2530095d2_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Filed Pursuant to Rule 433<BR>
Registration Statement No. 333-272154</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Pricing Term Sheet</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Howmet Aerospace Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>$500,000,000 4.550% Notes due 2032</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>November 3, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This pricing term sheet to the preliminary prospectus supplement dated
November 3, 2025 should be read together with the preliminary prospectus supplement before making a decision in connection with an investment
in the securities. The information in this pricing term sheet supersedes the information contained in the preliminary prospectus supplement
to the extent that it is inconsistent therewith. Terms used but not defined herein have the meaning ascribed to them in the preliminary
prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%"><B>Issuer:</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 70%">Howmet Aerospace Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Title of Securities:</B></TD>
    <TD>&nbsp;</TD>
    <TD>4.550% Notes due 2032</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Pricing Date:</B></P></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 3, 2025</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><B>Settlement Date*:</B></P></TD>
    <TD>&nbsp;</TD>
    <TD>November 12, 2025 (T+6)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Aggregate Principal Amount Offered: </B></TD>
    <TD>&nbsp;</TD>
    <TD>$500,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Maturity Date:</B></TD>
    <TD>&nbsp;</TD>
    <TD>November 15, 2032</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Coupon (Interest Rate):</B></TD>
    <TD>&nbsp;</TD>
    <TD>4.550%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Price to Public (Issue Price):</B></TD>
    <TD>&nbsp;</TD>
    <TD>99.958% of principal, plus accrued interest, if any, from November 12, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Benchmark Treasury:</B></TD>
    <TD>&nbsp;</TD>
    <TD>3.750% UST due October 31, 2032 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Benchmark Treasury Price / Yield: </B></TD>
    <TD>&nbsp;</TD>
    <TD>99-01+ / 3.907%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Spread to Benchmark Treasury:</B></TD>
    <TD>&nbsp;</TD>
    <TD>+65 bps</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Yield to Maturity:</B></TD>
    <TD>&nbsp;</TD>
    <TD>4.557%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Interest Payment Dates:</B></TD>
    <TD>&nbsp;</TD>
    <TD>Semi-annually in arrears on May 15 and November 15 of each year, commencing May 15, 2026</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Interest Record Dates: </B></TD>
    <TD>&nbsp;</TD>
    <TD>May 1 and November 1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Debt Ratings**:</B></TD>
    <TD>&nbsp;</TD>
    <TD>Baa1 / BBB+ / BBB+</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Optional Redemption:</B></TD>
    <TD>&nbsp;</TD>
    <TD>Make-whole at T + 10 bps at any time before September 15, 2032; par call at any time on or after September 15, 2032</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Change of Control Offer:</B></TD>
    <TD>&nbsp;</TD>
    <TD>If a change of control triggering event occurs with respect to the Notes, the Issuer will be required, subject to certain conditions, to offer to repurchase such Notes at a purchase price equal to 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Use of Proceeds:</B></TD>
    <TD>&nbsp;</TD>
    <TD>The Issuer intends to use the net proceeds from this offering, together with cash on hand, for the redemption of all of the outstanding principal amount of approximately $625 million of the Issuer&rsquo;s 2027 Notes. The Issuer expects that the aggregate redemption price for the 2027 Notes will be approximately $652 million, including accrued interest. With these actions, the Issuer expects annualized interest expense savings of approximately $14 million.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%"><B>Joint Bookrunners:</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 70%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goldman Sachs &amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley &amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BNP Paribas Securities Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SMBC Nikko Securities America, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Truist Securities, Inc.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Co-Managers:</B></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BMO Capital Markets Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fifth Third Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TD Securities (USA) LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizens JMP Securities, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MUFG Securities Americas Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PNC Capital Markets LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Intesa Sanpaolo IMI Securities Corp.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>CUSIP/ISIN:</B></TD>
    <TD>&nbsp;</TD>
    <TD>443201 AD0 / US443201AD04</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Denominations:</B></TD>
    <TD>&nbsp;</TD>
    <TD>Minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>* It is expected that delivery of the Notes will be made against
payment therefor on or about November 12, 2025, which will be the sixth business day following the date hereof (this settlement cycle
being referred to as &ldquo;T + 6&rdquo;). Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary
market generally are required to settle in one business day, unless the parties to a trade expressly agree otherwise. Accordingly, purchasers
who wish to trade the Notes on any day prior to one business day before delivery will be required to specify alternative settlement arrangements
at the time of any such trade to prevent a failed settlement and should consult their own advisors.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>** Note: A securities rating is not a recommendation to buy, sell
or hold securities and may<BR>
be subject to revision or withdrawal at any time.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>We have filed a registration statement (including a preliminary
prospectus supplement and the accompanying prospectus) with the SEC for the offering to which this communication relates. Before you
invest, you should read the preliminary prospectus supplement and the accompanying prospectus included in that registration statement
and other documents we have filed with the SEC for more complete information about us and this offering. You may get these documents
for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, we or the underwriters will arrange to send you the prospectus
supplement and accompanying prospectus if you request them by calling Goldman Sachs &amp; Co. LLC toll-free at (866) 471-2526, J.P. Morgan
Securities LLC collect at (212) 834-4533, or Morgan Stanley &amp; Co. LLC toll-free at (866) 718-1649.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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